Altcoin
Ethereum ETF To Attract Only 15% Of US Spot Bitcoin ETF Influx: 10X Research
The Ethereum price saw a modest 1% uptick today, riding on the optimism surrounding the imminent approval of the U.S. Spot Ethereum ETF. Notably, anticipation is soaring as market insiders expect the Ether ETF could begin trading as early as next week, with July 2 highlighted as a key date.
However, recent insights from 10X Research suggest that the Ethereum ETF might only attract a minimal fraction of the investment seen in U.S. Spot Bitcoin ETFs.
Ethereum ETF To Record Minimal Inflow As Compared To BTC ETF
Markus Thielen, CEO of 10X Research, has provided an in-depth analysis of the potential market impact of the U.S. Spot Ethereum ETF. In a social media post, Thielen highlighted the approaching approval and anticipated market behavior.
According to Thielen, the Ethereum ETF could launch any day now, possibly by July 2, following a pattern observed with Bitcoin ETFs. Thielen pointed out that VanEck, one of the key players in this space, recently filed a form 8-A, a step taken just days before their Bitcoin ETF launch. VanEck’s Bitcoin ETF quickly accumulated $600 million in assets under management (AUM).
However, for the Ethereum ETF, Thielen estimates it will attract only 15-20% of the influx seen by Bitcoin ETFs, which amounts to approximately $2.8 billion. In addition, Markus Thielen also noted that VanEck filed its form 8-A for Bitcoin ETF exactly seven days before the ETFs were launched in the U.S. Considering that, he has raised bets on the potential trading launch timeline to be July 2.
For the Ethereum ETF inflow expectations, Thielen said that “General expectations” are that the U.S. Spot Ethereum ETF will grab only 15-20% of the investment that U.S. Bitcoin ETFs have seen, translating to roughly $2.8 billion. Notably, this amount was roughly similar to the growth in Ethereum perpetual futures open interest since May 20.
Considering that, Thielen said that the market might be already positioning itself for the launch of U.S. Spot Ethereum ETF.
Also Read: Ripple President Clears the Air on Lawsuit and XRP ETF
SEC’s Role and Market Readiness
Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), has indicated that the approval process for the Spot Ethereum ETF is progressing smoothly. Although Gensler’s remarks were non-committal, they have fueled optimism that the SEC might greenlight these ETFs soon.
Notably, the timeline has been a topic of speculation, especially after the SEC approved 19b-4 filings from several financial giants including VanEck, BlackRock, Fidelity, and Grayscale.
Despite these approvals, actual trading has yet to commence. Issuers are still required to amend their S-1 registration statements and secure final approval from the SEC. Notably, Bloomberg analyst Eric Balchunas has adjusted the potential approval date for the Spot Ethereum ETF to July 2, reflecting ongoing regulatory processes.
As of writing, Ethereum price rose 1.11% and exchanged hands at $3,387.68. However, its trading volume slipped 44% to $12.06 billion from yesterday, while its price touched a high of $3,424.58. Furthermore, Ethereum Futures Open Interest rose 0.90% to $15.08 billion, while ETH Options Open Interest surged 1.63% to $6.3 billion.
Also Read: Is This Telegram Game The Next Notcoin (NOT)? Know All Here
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Payment giant PayPal has announced the addition of Chainlink (LINK) and Solana (SOL) to its cryptocurrency offerings. As the payment behemoth increases its crypto footprint, PayPal and Venmo users can buy, sell, and hold LINK and SOL in their accounts.
PayPal Expands Crypto Offering With SOL and LINK
According to an official press release, PayPal has announced the expansion of its suite of cryptocurrencies with two new tokens. The payment giant confirmed the addition of Chainlink and Solana to its offerings, signaling increased confidence in Web 3 solutions.
Per the statement, the offering will extend beyond PayPal and include its subsidiary Venmo. Users of Venmo and PayPal in the US will be able to purchase, hold, transfer, and sell both SOL and LINK with their accounts.
May Zabaneh, Paypal’s VP for Digital Currencies revealed that expanding its cryptocurrency offerings was an obvious choice for the company. Zabaneh disclosed that feedback from users confirmed the need to allow consumers to interact with SOL and LINK.
“Offering more tokens on PayPal and Venmo provides users with greater flexibility, choice, and access to digital currencies,” said Zabaneh.
With the addition of SOL and LINK, PayPal supports seven cryptocurrencies on its platform. The firm waded into cryptocurrencies back in 2020 starting with Bitcoin (BTC) and Ethereum (ETH) offerings for consumers. Early successes saw it expand to Litecoin (LTC) and Bitcoin Cash (BCH) before launching its stablecoin PayPal USD(PYUSD).
Institutional adoption for SOL is rising with Polymarket integrating Solana by enabling SOL deposits. Chainlink is riding its wave of partnerships and integrations with institutional and enterprise utility at the core.
Why Did The Payment Giant Choose SOL and LINK?
PayPal’s decision to expand to SOL and LINK flows from their inherent capabilities and massive adoption figures. According to the statement, PayPal sees Chainlink as a key player in cross-chain interoperability while describing Solana as a “leading blockchain platform.”
Both SOL and LINK are in the top 11 cryptocurrencies by market capitalization with a combined valuation of over $80 billion. Chainlink’s ADGM partnership to build tokenization frameworks in the UAE is the latest high-profile play for the Web 3 infrastructure platform.
Furthermore, the company says the decision underscores the company’s cryptocurrency-facing ambitions in recent years. PYUSD has its sights on challenging USDT and USDC dominance with PayPal neck-deep in cryptocurrencies.
“The addition of LINK and SOL reflects the company’s dedication to the evolving digital currency landscape and fostering greater accessibility and engagement in the cryptocurrency market,” read the statement.
Apart from PayPal and Polymarket, BlackRock’s BUIDL has launched on Solana in a strong case for institutional adoption. Both SOL and LINK have reacted positively to the announcement, rising 5.42% and 1.37 respectively.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst Egrag Crypto has provided a bullish outlook for the XRP price, predicting it could reach double digits in this market cycle. The analyst also revealed when exactly the cycle peak for XRP in this bull run could occur.
Analyst Predicts XRP Price To Reach Double Digits By July 21
In an X post, Egrag Crypto predicted that the XRP price will reach double digits by July 21, which he believes would mark the cycle peak for the altcoin. The analyst stated that so far, Ripple’s native crypto looks on track to reach its cycle peak by July.
He added that if the 110-day offset still holds, then the cycle peak could extend to November 9, 2025. The analyst also explained that it took some time for the 21 weekly EMA to catch up with the price action.
However, once it finally touched the 21 weekly EMA, XRP took 147 days to complete the last leg of the cycle, lasting 21 days until it hit the cycle peak. As such, Egrag Crypto is confident that July 21 could mark the peak for the altcoin.
His prediction of double digits price for XRP came following a question on what the altcoin’s price could be around this July 21 peak. Egrag Crypto simply answered, “double digits,” indicating it could rally to $10 or above. Interestingly, the analyst recently predicted that Ripple’s could rally to $27 in 60 days, which aligns with XRP reaching double digits by July.
In another post, Egrag Crypto also gave a short-term XRP price analysis. He stated that a close above $2.24 is the first sign of strength. Furthermore, a close above $2.30 and $2.47 are the second and third sign of strength. The analyst added that a close above $2.70 is the strongest signal for a potential breaout and new all-time high (ATH), with the potential target the $5 range.
Ripple’s Native Crypto Could Soon Witness Wave 3 Impulsive Move
In an X post, crypto analyst CasiTrades raised the possibility of the XRP price witnessing a Wave 3 impulsive move soon enough. She noted that the altcoin is showing strength today after reclaiming the 0.786 retracement at $2.05, a key level which it needs to flip to support.
The analyst has previously predicted that XRP could drop to as low as $1.90 before it rallies to new highs. In her recent analysis, she stated that the next major test is $2.24, where local subwaves and the macro structure are aligning. The analyst added that this price level is the 0.382 retracement of the most recent move down and the 1.618 extension on the subwaves.
From a structure standpoint, CasiTrades stated that XRP is now seeing the smaller subwaves beginning to align with the larger Elliot Wave count. She remarked that this is a strong sign that the bottom could be in and that the altcoin is building the foundation for macro Wave 3 up.
The analyst warned that failure at $2.24 could stall the XRP price but a new low seems unlikely. Meanwhile, the next resistance levels after are $2.70, $3.05 and then the current ATH of $3.80.
CasiTrades reminded market participants that XRP is now officially inside the Fibonacci Time Zone 3, which was set months ago. She remarked that this period is when the market should shift from consolidation into acceleration. The analyst asserted that if the altcoin wants to launch into its macro breakout, now is the time. Factors such as Coinbase’s move to launch XRP futures could spark this breakout.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Critics are taking swipes at Pi Network and the PiCoreTeam after PiDaoSwap raised concerns over lengthy delays for Know Your Business (KYB) approvals. The delays have forced the hand of PiDaoSwap to roll out non-fungible tokens (NFTs) on Binance Chain as a short-term solution.
Pi Network Faces Criticism for KYB Delays
Decentralized exchange PiDaoSwap has expressed worry over the prolonged delays of the KYB review process on Pi Network. According to a statement on X, PiDaoSwap submitted a KYB application, but 15 days later, the PiCoreTeam (PCT) has yet to issue an approval.
To build on the Pi Network, projects will need to submit a KYB application to pass the PCT’s due diligence process. An approval will give projects access to developer support, funding, and other ancillary perks for building in the Pi ecosystem.
However, after over two weeks, PiDaoSwap describes the wait as an “agonizing” one. Per the statement, PiDaoSwap is unable to start full development on the Pi mainnet because of the delay.
Following the delay, PiDaoSwap says it will launch NFTs on Binance Smart Chain (BSC) while it waits for approval. Binance continues to exclude Pi Network in its Vote To List initiative as it focuses on BSC projects.
“We have chosen to launch community NFTs on BSC as an interim solution rather than continuing to wait idly,” said PiDaoSwap. “Only after KYB approval can we proceed with in-depth development and ecosystem building on the Pi mainnet.”
PiCoreTeam Catching Backlash In Recent Weeks
Thought leaders in the Pi ecosystem have been vocal in their criticism of the PCT. Dr Altcoin, an active member of the ecosystem, took swipes at the PCT over the KYB approval delays. He argues that PiDaoSwap is not an isolated incident, adding that several centralized exchanges are waiting for KYB approvals.
“This is one example of a clear failure by the PCT,” said Dr Altcoin. “I also know some CEXs are on the waiting list for KYB approval.”
Furthermore, Dr Altcoin theorizes that Bybit not listing Pi Network is the fault of the PiCoreTeam. Dr Altcoin disclosed that the delays in centralized exchanges result from a lack of transparency by the PCT for token locking and burning mechanisms.
Pi Coin price has fallen by 15% over the last day to settle at $0.55, dousing optimism for a move to clinch $1. As investors scan the horizon for a correction, a listing by a top exchange and a string of ecosystem partnerships by the PCT can send prices to new highs. Despite the criticisms, the PCT is proceeding with its domain auction, receiving over 200,000 bids in the latest update.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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